Saving & Budgeting

If you think your personal finances are in need of an overhaul, you aren't alone. According to the US Census, the average American household is falling short of their savings goals. We hope to give you some basic tools to help you establish and achieve your personal financial goals.

Buying in bulk can be a money saver or a money pit. Before you super size your spaghetti sauce, check the price per unit or ounce to determine if it's a good deal. It may also not be ideal for small families.

5 ways to save smart

Use accounts like buckets for different expenses and goals. An average household should use a minimum of 7 accounts: Household, Husband, Wife, Medical Savings, Short Term Savings, Emergency Savings, and Children Savings.

Long Term Savings

Also known as your emergency savings, these funds should cover the 'what ifs' in life.

disability

medical expense

unemployment

house or auto repairs

insurance deductibles

Short Term Savings

Good news — you get to spend this money and within the next year!

home remodel

new auto purchase

large household purchase

vacation

holiday shopping

weddings

Emergency Savings

Based on your monthly net household income
of $3,000, you should have approximately
$9,000 -
$18,000
set aside for an emergency (3-6 months of living expenses).

Emergency Savings accounts come in handy when you are not able to work. If you lost your job, it could take 3-6 months to replace it. If you are injured, most disability policies will not start providing you income for 90 days.

The Debt Trimmer

It's hard sticking to a diet without setting small goals and gaining quick results. Paying down debt is no different. How you structure your debt can help you see results faster, so you can watch your debt shrink away!

Enter your debts in the table below to see how quickly you can become debt free.

By trimming your debt you are able to see quick results from your efforts.
In addition to $ in saved interest, once
you’re living debt free you’ll have $
more cash in your pocket each month. That’s cash that would otherwise
have been used toward debt payments. How would you use this new found money?

To be successful at debt trimming, be sure to make your minimum payments on all of your debts,
but apply as much as you can to your lowest debt balance. Once it is paid off, apply that total
payment amount to the next debt on the list — and so on. You can trim your debt even faster by
applying an additional payment amount to your lowest debt balance. You will be amazed at just how
fast your debt can be trimmed!

According to your monthly net income, if you took 10% of your wants (1,000), or $100 and added that as an extra monthly payment...

Trimming your debt is a great way to pay off your loans and credit cards faster. If you are struggling with high interest rates and the inconvenience of multiple payments, another great solution is a debt consolidation loan from First National Bank! Contact us today to find out the variety of money saving options we have for you to consolidate your debt at low interest rates and make your personal finances easier to manage.

You’re about to trim your debt. This process will reorganize your outstanding debt balance amounts from lowest to highest. Please make sure all of your debt information is accurate. You can’t edit after this step.

Due to the relationship between minimum payment amount and balance on one or more of your debt entries, it may be faster to reduce your debt by paying higher debt balances first. Your debts have been arranged to compensate for this occurrence.

The frequency in which a bank will compound your interest (pay your interest on interest) can be different from bank to bank, and can impact your bottom line. The APY will reflect that compounding variance.

With the power of compounding interest, it's easy to earn more in interest than you take from your own pocket. All you need is a little bit of patience. With a monthly contribution of $50 and an assumed 5% savings rate, let's watch how your money grows.

Personal Contributions

Cumulative Balance

30 Years | Contributions: $18,000 | Total Balance: $39,863.31

That's almost $22,000 free money!

Next Steps

Taking action: Making a plan is the
most important part of balancing
your personal budget.

1. write it all down

2. cut back on 'wants'

3. set savings goals

4. find quick savings wins

5. pay down debt

6. make interest work for you

Still have questions?

Financial Products and Services
As life stages change, so do financial needs. Our personal bankers will recommend products and services that will align with your needs along the way to help you better manage your money and aspirations. Reach out to a personal banker today.
Learn More

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Employees of businesses participating in the First At Work Program receive financial education and special savings on a variety of banking products and services. Call a First At Work representative today to learn more about the program and to see if your employer is a participating First At Work partner.
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Investments
Combining their extensive knowledge and professional experience, our investment advisors can assist you in achieving your financial goals. Sit down with an investment advisor today.Learn More

This Financial Education website and the calculators within are provided for your convenience. Calculations are designed to be an approximation using
information you provide. Such information is not part of any credit application with us. The accuracy of calculations and applicability to your circumstances
is not guaranteed and actual results may vary. Calculators on this site are not intended as an advertisement, a disclosure under any consumer law, an offer to
make a loan, or an offer of any advice. You should obtain personal advice from qualified professionals. Calculators on this site do not guarantee the
availability of any particular product or interest rate.

Financial Products and Services
As life stages change, so do financial needs. Our personal bankers will recommend products and services that will align with your needs along the way to help you better manage your money and aspirations. Reach out to a personal banker today.Learn More

First At Work
Employees of businesses participating in the First At Work Program receive financial education and special savings on a variety of banking products and services. Call a First At Work representative today to learn more about the program and to see if your employer is a participating First At Work partner.
Learn More

Investments
Combining their extensive knowledge and professional experience, our investment advisors can assist you in achieving your financial goals. Sit down with an investment advisor today.Learn More